XRP Faces Potential Drop Below $2 Amid Ongoing Correction

XRP is currently experiencing bearish pressure, having declined from a May peak of $2.65. The price has shown consecutive lower highs since the correction began on May 12, and technical analysis indicates a potential drop below $2.

Key Insights

Analyst MasterAnanda highlights that XRP has broken down from a rising channel with three daily closes below the lower trendline.
Despite trading above $2, prolonged trading below $2.30 increases the likelihood of further declines.
Current bearish volume is low, suggesting limited selling strength but also a lack of buyers.
Long-term outlook remains bullish, though immediate support levels are critical.
The Fibonacci retracement levels indicate the price is near the 0.236 line at $2.035, with significant support around $1.75.
XRP is currently priced at $2.13, reflecting a 3.85% drop in the last 24 hours and an 8.9% decrease over the past week.

If XRP fails to maintain above $2, it may test lower ranges of $1.70 to $1.80 soon.